MCX Zinc Pullback mode
Adjacent chart shows the price movement of MCX Zinc continuous contract. Zinc is drifting lower in a downward sloping channel. It found support at the daily lower Bollinger band and the lower end of the channel and bounced back. On the way up, zinc can bounce towards 196.70 – 197.80 where it is likely to face stiff resistance in the near term. The trend shall remain bearish as long as it does not close above 202. On the way down, zinc can re-test the swing low of 190 once the pullback is complete. The daily momentum indicator has turned bullish.
